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Tax deductions

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s99711 Joined: 01 Aug 2008 Posts: 4 2.84 Dollars($)	Posted: Sat Aug 02, 2008 7:58 am    Post subject: Tax deductions Like 0 Dislike 0 How does tax deductions lower qualifying amount on a mortgage qualifaction
kpatrick Joined: 29 Oct 2007 Posts: 155 Location: Atlanta, Georgia 41.72 Dollars($)	Posted: Sun Aug 03, 2008 7:59 am    Post subject: Like 0 Dislike 0 Hi s99771, It lowers it because if you write off the income in the form of an expense, then you are saying that you basically didn't make it. For example, if your gross income was $100k, and then you write off $25k in travel, food, etc, then in essence you net down to $75k, and that is your income. So the good news is that you don't pay taxes on that $25k, but the bad news is that it reduces your income, therefore, reducing the amt of home you can be approved for. Hope his helps, Kim _________________ (770) 886-3140

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